It’s probable that job cuts will occur at both mortgage divisions, as I’ve been told that business at Homecomings has been non-existent for many of the Account Executives, and programs are essentially little more than agency product.

Earlier this summer, Ditech.com reported 181 layoffs to the Employment Development Department in Costa Mesa, CA.

And last week, mortgage lender GMAC-RFC shut down its UK subprime subsidiary High Street Home Loans, resulting in 200 layoffs.

Update: The layoffs have been confirmed, with restructuring costs ranging from $90 to $110 million, and 460 job losses coming from its Minneapolis area headquarters.

ResCap CEO Jim Jones said, “We deeply respect and value all of our associates. While workforce reductions are very difficult, we will treat our departing associates with sensitivity in keeping with our values.”

It is believed that Homecomings Financial will be closing branches in Newport Beach, Detroit, and New Jersey, resulting in the loss of 207 Account Executive positions and 284 total jobs within the company.

A great deal of consolidation is expected in all areas of ResCap, while the company plans to expand its servicing business and rely more upon GMAC bank.